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Sensex, Nifty may see flat-to-positive opening; these factors to steer markets today

Market is factoring in positive macro-economic data, strong rural economy and optimism over potential Covid vaccine emerging soon

Sensex, Nifty may see flat-to-positive opening; these factors to steer markets today

Domestic equity market benchmarks BSE Sensex and Nifty 50 traded higher for the fifth consecutive session in Tuesday’s volatile trade. Sensex was up 0.51 per cent or 187.24 points to close at 36,674.52. The 50-share index Nifty ended the day up 36 points or 0.33 per cent to close at 10,799.65. Investors will keep a close watch on the situation of coronavirus and development on its vaccine, economic development activities, crude oil prices, relation between India-China and US-China. “Market is factoring in positive macro-economic data, strong rural economy and optimism over potential Covid vaccine emerging soon. Rural economy has seen lesser damage from the COVID pandemic, led by robust rural income, strong start to monsoons, robust Kharif sowings, and sharp hike in allocation to MGNREGA. Despite the near term momentum, we would be more cautious/defensive in our approach going ahead,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

SGX Nifty hints at flat-to-positive start: Trends on SGX Nifty suggest a tepid opening for Sensex and Nifty on Wednesday. Nifty futures were trading 28.55 points or 0.27 per cent higher at 10,784.50 on Singaporean Exchange.

Global markets: Asian stock markets were trading mixed on Wednesday on the back of concerns around coronavirus pandemic. In Japan, the Nikkei 225 rose slightly while the Topix index gained 0.3%. In overnight trade on Wall Street, US stock ended lower in trade. The Dow Jones Industrial Average fell 1.51 per cent, S&P 500 lost 1.08 per cent, and the Nasdaq Composite dropped 0.86 per cent.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) bought shares worth Rs 829.9 crore while domestic institutional investors (DIIs) sold shares worth Rs 784.47 crore on a net basis, according to the provisional data available on the NSE.

Titan Company in focus: Titan gave a business update for the June quarter for the current fiscal. “Almost all manufacturing operations have commenced operations. However, production levels

are low now, given the inventory situation and will be ramped up only gradually when the

company sees sales picking up to normal levels,” it said in an reguatory filing.

Technical view: “After showing consistent upmove in the last four sessions, the upside momentum slowed down in the market on Tuesday, as Nifty closed the day higher by 36 points amidst a range movement. A small body of negative candle pattern was formed, which indicates a formation of ‘dragonfly doji type pattern (not a classical one). The short term trend of Nifty continues to be positive,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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